http://www.legislation.gov.uk/uksi/2020/300/contents/made

The Social Security (Contributions) (Amendment No. 2) Regulations 2020

en

King's Printer of Acts of Parliament

2020-03-16

SOCIAL SECURITY

These Regulations make amendments to the Social Security (Contributions) Regulations 2001 (S.I. 2001/1004) (“the 2001 Regulations”) in order to implement the provisions of the National Insurance Contributions (Termination and Sporting Testimonials) Act 2019 (c.23). This Act made amendments to the Social Security Contributions and Benefits Act 1992 (c. 4) and the Social Security Contributions and Benefits (Northern Ireland) Act (c. 7) so as to provide that from 6th April 2020 onwards Class 1A contributions are chargeable on:termination awards that exceed the £30,000 which count as employment income under section 403 of the Income Tax (Earnings and Pensions) Act 2003 (c.1) (“ITEPA 2003”) andsporting testimonial payments which are treated as taxable earnings under section 226E and section 306B of ITEPA 2003.